MOOREFIELD, W. Va., April 27, 2017 (GLOBE NEWSWIRE) -- Summit Financial Group, Inc. ("Company" or "Summit") (NASDAQ:SMMF) today reported a first quarter 2017 net loss of $1.62 million, or ($0.15) per diluted share, compared to earnings of $4.06 million, or $0.38 per diluted share, reported for the first quarter of 2016 and earnings of $4.71 million, or $0.44 per diluted share, reported for the fourth quarter of 2016. Summit's first quarter 2017 net loss resulted principally from a legal settlement which reduced its earnings by $0.58 per diluted share.

First Quarter 2017 Significant Highlights:
  • As previously announced, a charge of $9.9 million, or $6.2 million after-tax, was recorded to resolve fully all litigation with the Residential Funding Company, LLC and ResCap Liquidating Trust (collectively, "ResCap");
  • Total revenues increased 1.5 percent compared to the linked quarter and 11.1 percent compared to the year ago quarter, principally as result of the acquisition of HCB;
  • Net loans, excluding mortgage warehouse lines of credit, grew $40.8 million, or 12.5 percent (on an annualized basis), compared to December 31, 2016;
  • Net interest margin increased 20 basis points compared to the linked quarter and 4 basis points compared to the year-ago quarter, reflecting our improving yields on interest earning assets and relatively stable funding costs;
  • Gains realized on sales of securities declined from $393,000 in Q1 2016 to a loss of $58,000 in Q1 2017;
  • Write-downs of foreclosed properties were $418,000 in Q1 2017 compared to $109,000 during Q1 2016;
  • Merger-related expenses of $109,000 were incurred during Q1 2017, compared to $588,000 in Q4 2016 and $112,000 in Q1 2016.
  • Nonperforming assets as a percentage of total assets declined for the eighteenth consecutive quarter to 2.16 percent compared to 2.22 percent at December 31, 2016, reaching its lowest level since Q2 2008;
  • On April 1, 2017, Summit completed its acquisition of First Century Bankshares, Inc. ("FCB") and its subsidiary, First Century Bank, headquartered in Bluefield, West Virginia. At March 31, 2017, FCB had approximately $404.8 million in total assets.

H. Charles Maddy III, President and Chief Executive Officer of Summit, commented, "While I was very disappointed recently to report the substantial charge to our first quarter earnings to resolve the ResCap litigation, we believe this settlement was in the best interests of the Company and our shareholders; it eliminates the possibility of any additional exposure relative to this issue and puts it behind us, thus allowing us to direct more resources towards enhancing long-term shareholder value. On a more positive note, Summit achieved another quarter of solid core operating performance highlighted by our improving net interest margin and core loan growth. The former Highland County Bankshares' banking operations are now fully integrated into Summit, and its impact on our performance is exceeding our expectations. Going forward, our recently closed acquisition of FCB represents another exceptional opportunity. This transaction combines two financially strong banks with similar cultures, core values and exceptional opportunities for operational synergies, as well as a shared commitment to build long-term client relationships by providing service beyond expectations. We converted FCB's data processing systems and re-identified its branches to that of Summit's effective April 24, 2017."

HCB Acquisition

On October 1, 2016, Summit completed its acquisition of Highland County Bankshares, Inc. ("HCB") and its subsidiary, First & Citizens Bank, headquartered in Monterey, Virginia. Accordingly, HCB's results of operations are included in Summit's consolidated results of operation from the date of acquisition, and therefore Summit's first quarter 2017 results reflect increased levels of average balances, income and expense as compared to its first quarter 2016 results.

At consummation, HCB had total assets of $122.8 million, loans of $60.8 million, and deposits of $106.9 million. Had the HCB acquisition taken place on January 1, 2016, Summit's pro forma combined total revenues, net income and diluted earnings per share would have approximated $16.0 million, $4.5 million and $0.42, respectively, for the quarter ended March 31, 2016. Summit recognized net accretion income totaling $144,000 in Q1 2017 related to HCB's loan fair value acquisition accounting adjustments.

Results from Operations

Total revenue for first quarter 2017, consisting of net interest income and noninterest income, increased 11.1 percent to $16.2 million, principally as result of the HCB acquisition, compared to $14.6 million for the first quarter 2016, and was relatively unchanged compared to the linked quarter.

For the first quarter of 2017, net interest income was $13.6 million, an increase of 15.7 percent from the $11.8 million reported in the prior-year first quarter and an increase of $173,000 compared to the linked quarter. The net interest margin for first quarter 2017 was 3.54 percent compared to 3.34 percent for the year-ago quarter, and 3.50 percent for the linked quarter.

Noninterest income, consisting primarily of insurance commissions from Summit's insurance agency subsidiary and service fee income from community banking activities, for first quarter 2017 was $2.58 million compared to $2.81 million for the comparable period of 2016 and $3.00 million for Q4 2016. Excluding realized securities gains and losses, noninterest income was $2.64 million for first quarter 2017 compared to $2.41 million reported for first quarter 2016 and $2.71 million for the linked quarter.

We recorded a $250,000 provision for loan losses during first quarters 2017 and 2016.

Excluding the impact of the $9.9 million charge to settle the ResCap litigation, noninterest expense for Q1 2017 increased 6.6 percent to $9.12 million compared to $8.55 million for the prior-year first quarter, principally due to the acquisition of HCB; but it declined 2.9 percent compared to the linked quarter's noninterest expense of $9.39 million due to operational efficiencies achieved relative to the former HCB's banking operations.

Balance Sheet

At March 31, 2017, total assets were $1.78 billion, an increase of $17.8 million, or 1.0 percent since December 31, 2016. Total loans, net of unearned fees and allowance for loan losses, were $1.29 billion at March 31, 2017, down $14.9 million, or 1.1 percent, from the $1.31 billion reported at year-end 2016. Excluding mortgage warehouse lines of credit, net loans increased $40.8 million or 12.5 percent (annualized) since year-end 2016.

At March 31, 2017, deposits were $1.30 billion, an increase of $5.7 million, or 0.4 percent, since year end 2016. During Q1 2017, checking deposits and savings deposits increased by $15.4 million or 3.7 percent and $5.2 million, or 1.5 percent while time deposits declined $14.9 million or 2.7 percent.

Shareholders' equity was $153.6 million as of March 31, 2017 compared to $155.4 million December 31, 2016. Tangible book value per common share decreased to $13.03 at March 31, 2017 compared to $13.20 at December 31, 2016. Summit had 10,750,477 outstanding common shares at Q1 2017 quarter end compared to 10,736,970 at year end 2016.

Asset Quality

As of March 31, 2017, nonperforming assets ("NPAs"), consisting of nonperforming loans, foreclosed properties, and repossessed assets, were $38.4 million, or 2.16 percent of assets. This compares to $39.1 million, or 2.22 percent of assets at the linked quarter, and $40.1 million, or 2.66 percent of assets, at first quarter 2016.

First quarter 2017 net loan charge-offs were $207,000, or 0.06 percent of average loans on an annualized basis, compared to net loan charge-offs of $407,000 for the first quarter of 2016. The allowance for loan losses stood at $11.7 million, or 0.90 percent of total loans at March 31, 2017, compared to 0.88 percent at year-end 2016.

About Summit

Summit Financial Group, Inc. is a $2.1 billion financial holding company headquartered in Moorefield, West Virginia. Summit provides community banking services primarily in the Eastern Panhandle and Southern regions of West Virginia and the Northern, Shenandoah Valley and Southwestern regions of Virginia, through its bank subsidiary, Summit Community Bank, Inc., which operates thirty banking locations. Summit also operates Summit Insurance Services, LLC in Moorefield, West Virginia and Leesburg, Virginia.

FORWARD-LOOKING STATEMENTS

This press release contains comments or information that constitute forward-looking statements (within the meaning of the Private Securities Litigation Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Words such as "expects", "anticipates", "believes", "estimates" and other similar expressions or future or conditional verbs such as "will", "should", "would" and "could" are intended to identify such forward-looking statements.

Although we believe the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially.  Factors that might cause such a difference include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking laws and regulations; changes in tax laws; the impact of technological advances; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; and changes in the national and local economies.  We undertake no obligation to revise these statements following the date of this press release.
SUMMIT FINANCIAL GROUP, INC. (NASDAQ:   SMMF)    
Quarterly Performance Summary -- Q1 2017 vs Q1 2016    
         
       
      For the Quarter Ended     Percent  
  Dollars in thousands   3/31/2017 3/31/2016   Change  
  Condensed Statements of Income (unaudited)        
   Interest income       
    Loans, including fees  $   15,671     $   13,436   16.6 %
    Securities      1,851         1,726   7.2 %
    Other      152         3   n/a
   Total interest income      17,674         15,165   16.5 %
   Interest expense       
    Deposits      2,390         2,170   10.1 %
    Borrowings      1,654         1,216   36.0 %
   Total interest expense      4,044         3,386   19.4 %
   Net interest income      13,630         11,779   15.7 %
   Provision for loan losses      250         250   0.0 %
   Net interest income after provision       
    for loan losses      13,380         11,529   16.1 %
   Noninterest income       
    Insurance commissions      968         924   4.8 %
    Service fees related to deposit accounts      1,168         978   19.4 %
    Realized securities (losses) gains      (58 )       393   n/a
    Other income      501         511   -2.0 %
  Total noninterest income     2,579         2,806   -8.1 %
   Noninterest expense       
    Salaries and employee benefits     5,187         4,682   10.8 %
    Net occupancy expense     567         540   5.0 %
    Equipment expense     735         656   12.0 %
    Professional fees     285         472   -39.6 %
    Amortization of intangibles     97         50   94.0 %
    FDIC premiums     210         300   -30.0 %
    Merger-related  expense     109         112   -2.7 %
    Foreclosed properties expense     104         124   -16.1 %
    (Gain) on sales of foreclosed properties     (156 )       (6 ) n/a
    Write-downs of foreclosed properties     418         109   283.5 %
    Litigation settlement     9,900         -   n/a
    Other expenses     1,560         1,515   3.0 %
  Total noninterest expense     19,016         8,554   122.3 %
   (Loss) income before income taxes      (3,057 )       5,781   n/a
   Income tax (benefit) expense      (1,441 )       1,719   n/a
   Net (loss) income  $   (1,616 )   $   4,062   n/a

 

SUMMIT FINANCIAL GROUP, INC. (NASDAQ:   SMMF)    
Quarterly Performance Summary -- Q1 2017 vs Q1 2016    
       
      For the Quarter Ended     Percent  
    3/31/2017 3/31/2016   Change  
  Per Share Data        
  Earnings per common share      
  Basic $ (0.15 ) $ 0.38   n/a
  Diluted $ (0.15 ) $ 0.38   n/a
         
  Cash dividends $ 0.11   $ 0.10   10.0 %
         
  Average common shares outstanding      
  Basic   10,738,365     10,671,856   0.6 %
  Diluted   10,738,365     10,679,301   0.6 %
         
  Common shares outstanding at period end   10,750,477     10,681,880   0.6 %
         
  Performance Ratios        
  Return on average equity   -4.11 %   11.10 % n/a
  Return on average tangible equity   -4.51 %   11.70 % n/a
  Return on average assets   -0.37 %   1.08 % n/a
  Net interest margin   3.54 %   3.50 % 1.1 %
  Efficiency ratio (A)   51.16 %   55.93 % -8.5 %

NOTE (A) - Computed on a tax equivalent basis excluding nonrecurring income and expense items and amortization of intangibles.

SUMMIT FINANCIAL GROUP, INC. (NASDAQ:   SMMF)        
Five Quarter Performance Summary          
           
      For the Quarter Ended  
  Dollars in thousands   3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016
  Condensed Statements of Income (unaudited)            
   Interest income           
    Loans, including fees  $   15,671     $   15,780     $   14,142     $   13,622     $   13,436  
    Securities      1,851         1,796         1,759         1,656         1,726  
    Other      152         161         5         5         3  
   Total interest income      17,674         17,737         15,906         15,283         15,165  
   Interest expense                                   
    Deposits      2,390         2,430         2,209         2,154         2,170  
    Borrowings      1,654         1,850         1,659         1,395         1,216  
   Total interest expense      4,044         4,280         3,868         3,549         3,386  
   Net interest income      13,630         13,457         12,038         11,734         11,779  
   Provision for loan losses      250         -         -         250         250  
   Net interest income after provision                                   
    for loan losses      13,380         13,457         12,038         11,484         11,529  
   Noninterest income                                       
    Insurance commissions      968         992         1,016         1,090         924  
    Service fees related to deposit accounts      1,168         1,194         1,138         1,059         978  
    Realized securities gains (losses)      (58 )       291         61         383         393  
    Other income      501         521         534         513         511  
  Total noninterest income     2,579         2,998         2,749         3,045         2,806  
   Noninterest expense                                       
    Salaries and employee benefits     5,187         5,308         4,819         4,764         4,682  
    Net occupancy expense     567         522         525         512         540  
    Equipment expense     735         700         716         686         656  
    Professional fees     285         344         270         429         472  
    Amortization of intangibles     97         97         50         50         50  
    FDIC premiums     210         75         200         300         300  
    Merger-related expenses     109         588         80         153         112  
    Foreclosed properties expense     104         97         100         93         124  
    (Gain) on sales of foreclosed properties      (156 )       (465 )       (168 )       (276 )       (6 )
    Write-downs of foreclosed properties      418         165         134         259         109  
    Litigation settlement      9,900         -         -         -         -  
    Other expenses     1,560         1,961         1,693         1,467         1,515  
  Total noninterest expense     19,016         9,392         8,419         8,437         8,554  
   (Loss) income before income taxes      (3,057 )       7,063         6,368         6,092         5,781  
   Income tax (benefit) expense      (1,441 )       2,353         2,087         1,849         1,719  
   Net (loss) income  $   (1,616 )   $   4,710     $   4,281     $   4,243     $   4,062  

  
SUMMIT FINANCIAL GROUP, INC. (NASDAQ:   SMMF)          
Five Quarter Performance Summary          
           
      For the Quarter Ended  
    3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016
  Per Share Data            
   Earnings per common share           
    Basic  $   (0.15 ) $   0.44   $   0.40   $   0.40   $   0.38  
    Diluted  $   (0.15 ) $   0.44   $   0.40   $   0.40   $   0.38  
             
   Cash dividends  $   0.11   $   0.10   $   0.10   $   0.10   $   0.10  
             
   Average common shares outstanding           
    Basic      10,738,365       10,710,164       10,692,423       10,681,995       10,671,856  
    Diluted      10,738,365       10,762,445       10,727,140       10,701,017       10,679,301  
             
   Common shares outstanding at period end      10,750,477       10,736,970       10,701,841       10,692,320       10,681,880  
             
  Performance Ratios            
   Return on average equity    -4.11 %   12.22 %   11.29 %   11.49 %   11.10 %
   Return on average tangible equity    -4.51 %   13.42 %   11.86 %   12.10 %   11.70 %
   Return on average assets    -0.37 %   1.07 %   1.08 %   1.10 %   1.08 %
   Net interest margin    3.54 %   3.34 %   3.32 %   3.40 %   3.50 %
   Efficiency ratio (A)    51.16 %   56.67 %   53.30 %   55.35 %   55.93 %

 NOTE (A) - Computed on a tax equivalent basis excluding nonrecurring income and expense items and amortization of intangibles
SUMMIT FINANCIAL GROUP, INC. (NASDAQ:   SMMF)        
Selected Balance Sheet Data (unaudited)          
             
  Dollars in thousands, except per share amounts   3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016
             
  Assets            
  Cash and due from banks $   19,326   $   4,262   $   25,067   $   4,161   $   4,005  
  Interest bearing deposits other banks     38,895       42,354       9,432       8,897       12,655  
  Securities     282,028       266,542       262,102       261,633       271,515  
  Loans, net     1,292,915       1,307,862       1,234,605       1,166,723       1,096,790  
  Property held for sale     23,491       24,504       24,767       23,425       24,684  
  Premises and equipment, net     26,377       23,737       21,802       21,405       21,589  
  Goodwill and other intangible assets     13,587       13,652       7,348       7,398       7,448  
  Cash surrender value of life insurance policies     39,412       39,143       38,504       38,246       37,989  
  Other assets     40,411       36,591       34,009       33,293       31,893  
    Total assets $   1,776,442   $   1,758,647   $   1,657,636   $   1,565,181   $   1,508,568  
                                 
  Liabilities and Shareholders' Equity            
  Deposits $   1,301,241   $   1,295,519   $   1,156,785   $   1,096,545   $   1,094,544  
  Short-term borrowings     228,868       224,461       234,657       205,552       153,448  
  Long-term borrowings and          
    subordinated debentures     65,804       66,259       93,735       94,214       94,692  
  Other liabilities     26,910       17,048       18,640       18,201       19,755  
  Shareholders' equity     153,619       155,360       153,819       150,669       146,129  
    Total liabilities and shareholders' equity $   1,776,442   $   1,758,647   $   1,657,636   $   1,565,181   $   1,508,568  
                                 
  Book value per common share $   14.29   $   14.47   $   14.37   $   14.09   $   13.68  
  Tangible book value per common share $   13.03   $   13.20   $   13.69   $   13.40   $   12.98  
  Tangible common equity to tangible assets   7.9 %   8.1 %   8.9 %   9.2 %   9.2 %
             

 
SUMMIT FINANCIAL GROUP INC. (NASDAQ:   SMMF)          
Regulatory Capital Ratios            
               
    3/31/2017 12/31/2016  9/30/2016   6/30/2016   3/31/2016   
Summit Financial Group, Inc.                                    
  CET1 Risk-based Capital 10.3 %       10.5 %     11.1 % 11.5 %     11.9 %  
  Tier 1 Risk-based Capital 11.5 %       11.8 %     12.4 % 12.9 %     13.5 %  
  Total Risk-based Capital 12.3 %       12.6 %     13.3 % 13.8 %     14.5 %  
  Tier 1 Leverage Ratio 9.4 %       9.4 %     10.4 % 10.5 %     10.7 %  
               
Summit Community Bank, Inc.            
  CET1 Risk-based Capital 11.6 %       11.9 %     12.5 % 13.0 %     13.6 %  
  Tier 1 Risk-based Capital 11.6 %       11.9 %     12.5 % 13.0 %     13.6 %  
  Total Risk-based Capital 12.4 %       12.7 %     13.4 % 13.9 %     14.5 %  
  Tier 1 Leverage Ratio 9.4 %       9.5 %     10.5 % 10.6 %     10.7 %  
               

 
SUMMIT FINANCIAL GROUP INC. (NASDAQ:   SMMF)        
Loan Composition            
               
Dollars in thousands 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016  
               
Commercial   $   134,808   $   119,088   $   110,466   $   101,521   $   101,743  
Mortgage warehouse lines     30,217       85,966       108,983       80,282       -  
Commercial real estate            
  Owner occupied     217,733       203,047       192,254       190,534       202,680  
  Non-owner occupied     401,795       381,921       367,196       348,099       353,350  
Construction and development            
  Land and development     68,079       72,042       65,430       65,702       66,483  
  Construction       16,511       16,584       11,276       8,506       7,997  
Residential real estate            
  Non-jumbo       266,140       265,641       228,777       225,919       221,368  
  Jumbo       60,780       65,628       57,276       52,105       50,057  
  Home equity       75,299       74,596       75,161       75,904       74,097  
Consumer       24,440       25,534       19,756       19,520       19,095  
Other       8,831       9,489       9,649       10,008       11,235  
Total loans, net of unearned fees     1,304,633       1,319,536       1,246,224       1,178,100       1,108,105  
Less allowance for loan losses     11,718       11,674       11,619       11,377       11,315  
Loans, net $   1,292,915   $   1,307,862   $   1,234,605   $   1,166,723   $   1,096,790  
               

 
SUMMIT FINANCIAL GROUP INC. (NASDAQ:   SMMF)        
Deposit Composition            
               
Dollars in thousands   3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016  
Non interest bearing checking $   152,086   $   149,737   $   122,652   $   120,845   $   122,378  
Interest bearing checking     275,678       262,591       212,172       205,095       210,878  
Savings       342,548       337,348       321,563       306,785       286,695  
Time deposits       530,929       545,843       500,398       463,820       474,593  
Total deposits $   1,301,241   $   1,295,519   $   1,156,785   $   1,096,545   $   1,094,544  
               

 
SUMMIT FINANCIAL GROUP, INC. (NASDAQ:   SMMF)        
Asset Quality Information          
             
      For the Quarter Ended  
  Dollars in thousands   3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016
             
  Gross loan charge-offs $   315   $   400   $   331   $   263   $   561  
  Gross loan recoveries     (108 )     (456 )     (573 )     (75 )     (154 )
    Net loan charge-offs (recoveries) $   207   $   (56 ) $   (242 ) $   188   $   407  
                                 
  Net loan charge-offs to average loans (annualized)   0.06 %   -0.02 %   -0.09 %   0.07 %   0.15 %
  Allowance for loan losses $   11,718   $   11,674   $   11,619   $   11,377   $   11,315  
  Allowance for loan losses as a percentage          
    of period end loans   0.90 %   0.88 %   0.93 %   0.97 %   1.02 %
  Nonperforming assets:          
    Nonperforming loans          
    Commercial $   226   $   298   $   846   $   399   $   430  
    Commercial real estate     4,734       4,844       4,867       5,773       6,140  
    Residential construction and development     3,936       4,465       4,360       5,400       5,467  
    Residential real estate     5,886       4,815       4,174       3,531       3,248  
    Consumer     162       152       169       91       121  
  Total nonperforming loans     14,944       14,574       14,416       15,194       15,406  
    Foreclosed properties          
    Commercial real estate     1,749       1,749       1,749       976       976  
    Commercial construction and development     8,276       8,610       8,664       8,708       8,717  
    Residential construction and development     12,635       13,265       13,741       12,989       13,808  
    Residential real estate     831       880       613       752       1,183  
  Total foreclosed properties     23,491       24,504       24,767       23,425       24,684  
    Other repossessed assets     12       12       12       38       -  
  Total nonperforming assets $   38,447   $   39,090   $   39,195   $   38,657   $   40,090  
                                 
  Nonperforming loans to period end loans   1.15 %   1.10 %   1.16 %   1.29 %   1.39 %
  Nonperforming assets to period end assets   2.16 %   2.22 %   2.36 %   2.47 %   2.66 %
             
  Troubled debt restructurings          
    Performing $   28,183   $   28,066   $   28,287   $   27,750   $   29,452  
    Nonperforming     719       564       863       2,133       897  
  Total troubled debt restructurings $   28,902   $   28,630   $   29,150   $   29,883   $   30,349  

 
Loans Past Due 30-89 Days          
      For the Quarter Ended  
  In thousands   3/31/2017  12/31/2016  9/30/2016  6/30/2016  3/31/2016
                   
  Commercial $   162     $   175   $   405   $   422   $   465
  Commercial real estate     2,758         434       626       214       920
  Construction and development     291         552       235       520       218
  Residential real estate     2,924         5,517       2,941       4,763       3,055
  Consumer     155         375       144       177       73
  Other     17         14       13       12       14
    Total $   6,307     $   7,067   $   4,364   $   6,108   $   4,745
             

SUMMIT FINANCIAL GROUP, INC. (NASDAQ:   SMMF)            
Average Balance Sheet, Interest Earnings & Expenses and Average Rates          
Q1 2017 vs Q1 2016                
  Q1 2017   Q1 2016  
  Average Earnings / Yield /   Average Earnings / Yield /  
Dollars in thousands Balances Expense Rate   Balances Expense Rate  
                 
ASSETS                
Interest earning assets                
  Loans, net of unearned  interest                
  Taxable $   1,278,386   $   15,549   4.93 %   $   1,089,083   $     13,291     4.91 %  
  Tax-exempt     13,292       186   5.68 %       15,824         220     5.59 %  
  Securities                
  Taxable     186,332       1,128   2.46 %       209,365         1,083     2.08 %  
  Tax-exempt     95,300       1,112   4.73 %       79,314         974     4.94 %  
  Interest bearing deposits other banks                
  and Federal funds sold     40,698       152   1.51 %       8,092         3     0.15 %  
Total interest earning assets     1,614,008       18,127   4.55 %       1,401,678         15,571     4.47 %  
                 
Noninterest earning assets                
  Cash & due from banks     4,631             3,762        
  Premises & equipment     24,504             21,594        
  Other assets     98,253             89,642        
  Allowance for loan losses     (11,761 )           (11,562 )      
  Total assets $   1,729,635         $   1,505,114        
                         
  LIABILITIES AND SHAREHOLDERS' EQUITY              
                 
Liabilities                
Interest bearing liabilities                
  Interest bearing                 
  demand deposits $   262,849   $   148   0.23 %   $   209,733   $     83     0.16 %  
  Savings deposits     339,930       625   0.75 %       277,396         506     0.73 %  
  Time deposits     540,692       1,616   1.21 %       471,597         1,581     1.35 %  
  Short-term borrowings     196,946       995   2.05 %       168,548         240     0.57 %  
  Long-term borrowings and                
  subordinated debentures     66,146       660   4.05 %       95,052         976     4.13 %  
Total interest bearing liabilities     1,406,563       4,044   1.17 %       1,222,326         3,386     1.11 %  
                 
Noninterest bearing liabilities                
  Demand deposits     148,286             120,464        
  Other liabilities     17,700             15,928        
  Total liabilities     1,572,549             1,358,718        
                 
Shareholders' equity     157,086             146,396        
  Total liabilities and                
  shareholders' equity $   1,729,635         $   1,505,114        
                 
NET INTEREST EARNINGS   $   14,083       $     12,185        
                 
NET INTEREST MARGIN       3.54 %       3.50 %  
                   
Contact: Robert S. Tissue, Sr. Vice President & CFOTelephone: (304) 530-0552Email: rtissue@summitfgi.com

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